TOP (Tonga Pa'anga)

DEFINITION of 'TOP (Tonga Pa'anga)'

The currency abbreviation for the Tonga pa'anga (TOP), the currency for Tonga. The Tonga pa'anga is made up of 100 hau and is often presented with either the symbol T$ or PT. The pa'anga is not convertible to any other currencies.

BREAKING DOWN 'TOP (Tonga Pa'anga)'

The Tonga pa'anga replaced the Tonga pound at a rate of 2:1 in 1967 and was pegged at par with the Australian dollar. This peg existed until 1991, at which time the currency was pegged to a basket of the Australian dollar, New Zealand dollar, U.S. dollar and Japanese yen.

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